More Jobs Will Draw More Millennials to Homebuying

The selfie generation probably won’t be responsible for the housing market’s failure to relaunch, but they’re not yet providing the big lift many economists had hoped for following the housing collapse.

Two separate housing reports this week offer a few glimmers of hope about millennials, or young adults born after 1980. Most notably: Home affordability has improved – a plus for this group, given the employment strain they faced after having entered the working world during the worst financial crisis since the Great Depression.

“We should watch closely whether millennials are getting back to work. For millennials, having a job is key to forming households and becoming homeowners,” says Jed Kolko, chief economist at Trulia. “One of the most important measures of the housing market will come in this Friday’s jobs report, when we’ll see whether more young adults have gone back to work.” More here